>Bailout plan triggers chaos

Um, duh! Is anybody really stupid enough to think that more government involvement is going to solve a problem that was created by government involvement in the first place?

A good plan by Bush??? Yeah right!!! Why oh why does anyone ever listen to Bush anymore?? Seriously, would you get Bush to work out your taxes for you?? The day he knows what he's talking about is the day that John McCain also sounds reasonable!! But still Utah will try to vote his party in for yet another term...............

NPR did a gripping 1 hour program on the economy on Oct. 3rd. I finally got a clear understanding. Highly recommended.

Google This American Life: 365: Another Frightening Show About the Economy

I guess everyone who warned against it was just a bunch of "stupid idiots" who knew nothing about nothing? Yeah, all you people who surround us who were happy for the bailout, who called us a bunch of idiots, where are you now?

Since this talk of bailouts began the Dow has fallen 1,200 points. Trillions of dollars lost. How about that America? 700 Bil at the expense of Trillions. The economy is now as low as it was 8 years ago. 8 years of economic production, wiped out thanks to YOUR greed.

Yeah, too bad you were duped by the fake market collapse after the bill was voted down in the first place. Yeah too bad you were duped by both Pres. candidates. Too bad you were duped by your very President whom you should trust.

It's time to clean out Washington. Vote out every candidate regardless of how they voted and regardless of what party they are affiliated. It's time for a total change!

Chuck Baldwin '08

How can fear in the market and consumer finance be gained by throwing money at a broken system? The system is the problelm, and consumers have no trust or faith in it. The system makes victims of consumers with excessive fees, bank charges, and too many credit cards. Consumer advocates says to get rid of credit cards and the government and wall street keeps trying to force more and more credit on the consumers. It was inevitable that this economy ruptured and blew its seals because the consumers have been getting a raw deal with credit and banking corruption. With all the american companies now outsourcing its manufacturing to global labor there are no other jobs to replace any lost jobs. We can thank business and government for the colapse and making consumers victims of credit and greed. The current financial system of debit assets is the problem and needs fixing. It will take years to make it a strong market again and gain the trust of consumers desiring to use credit. Home mortgage corruption was just the tip of the iceburg and started it all to crumble. The next phase will be workers pulling funding out of investment retirements.

The party is over...the Republican Party that is!!
They have robbed from the poor and gave to the rich for 8 yrs. Medicare,Health and Welfare. They have robbed and depleted the Social Security. They demanded that the taxpayer pay the ransom for their own economic failures. Now there is no more money to spend on their war and unable to feed "Cheney's pipeline of corruption, its cry "Blame the Democrats,"Blame Wall Street,Blame the taxpayer.After all the CEO of Leehman Bank after collaspe received a measly $380 million dollar salary. How can anyone expect to live on so little.(Do not let anyone know that he is a Republican who cried "poor" after the meltdown). Thank heaven his backup (Republicans) arranged the bailout funds to support his salary. When the true story is revealed it will surely show how greed,corruption and power have always been the creed of the Republican Party.
Evidence demands a verdict and the evidence is obvious.The only losers are the poor and the fallen.
But what the heck like that last major Depression, the Republicans can invent another war to generate income. Georgia,Iran,Sth Korea are all in the planning stage.

The Party is Over...The Republican party that is!

Light At The End Of The Tunnel

While our economy first has to pay for the irresponsible lending practices, real-estate speculation, and wall-street greed that brought us into this situation, I fully believe that there is a light at the end of the tunnel. Unfortunately, this tunnel is much longer than most people will anticipate. Instead of focusing on what the government might or might not do, investors should focus on what they can do to protect themselves from this prolonged recession and rising inflation. And perhaps, you might even be one of those investors who can profit from this tumultuous market environment.

Why the panic?.

CHILL OUT FOLKS.

Rome was NOT built in a day.

I'd honestly pull out all my money at the bank if I didn't also have my home mortgage there. It makes me wonder how many are going to panic and pull out money. But if my bank crashes, at least I can shift my money to pay off my debt.

The bailout is proof that our economy is heading in the wrong direction. Any further action from politicos is just going to cause even more fear and mistrust.

While history often focuses only on the financial loss that transpires during recessions, it is also important to point out that these types of market environments have also provided individuals with the opportunity to make money. So how exactly do you protect your wealth? Well, for many investors, the answer is simply to liquidate their positions and move everything into cash, money markets, or treasury bills. The basic logic behind this move is simply that “cash is king”. In other words, while the stock market and real estate markets are declining substantially, keeping one’s money in cash will at least preserve what they currently have. It will also allow them to have money to invest in opportunities down the line. While this logic makes sense in a non-inflationary environment, it fails to address the de-valuation of purchasing power that occurs during rising inflation. Simply put, rising inflation erodes at the purchasing power of cash or cash equivalent investments. In other words, while you might think you are preserving your wealth you actually are not. Short - Term Treasury Bills, Gold, Look For Trading Opportunities, Commodity Trading Advisors/ Managed Futures.

McCain and Sarah 2008

CHILL OUT FOLKS.

There are scary similarities in the government's manipulation of the economy, to the crash of 1929. No one in their right mind, anywhere in the world, would believe that pumping more worthless dollars into the U.S. economic system, will solve the problem. It's an aspirin to take away the symptoms of an already bankrupt country. Theses so called "bailouts" do nothing but drive up inflation and devalue the dollar more. It's no wonder the world economy is in a panic!

1:35 a.m. Oct. 7, 2008
A good plan by Bush??? Yeah right!!! ~~ Are you serious? Obama has a better plan?? Yeah right~ Obama will raise taxes on everyone making over $40,000 a year, If Obama has anyone making over $40,000 a year?
600 billion dollars in new tax and spend for the already covered social service recipients.
Looking at the comments you made,
I would guess you didn't pay any taxes last year.
It is nice to get Earned income credits.

Time for a reality check everyone. This problem is not Bush's fault. I'm so sick of hearing this. The problem has a lot to do with Slick Willy Clinton's administration putting pressure on the banks to make loans to those who shouldn't be borrowing. If anyone should be to blame it is your hero Slick Willy. To be fair both Republicans and Democrats have some blame but putting it all on Bush is ridiculous. And don't forget most of the blame should be on the greedy American consumer.

Republicans: doesnt matter how many times they see that thay have failed, but they will say: we are good, everything is ok, we are patriots fighting for freedom...wake up guys!!! and stop saying lies about Obama just because you FAILED in every single task for 8 years!!!
Obama or McCain, whoever wins, it is going to be a REAL mess to deal with this country, it is a MESS, they will need to work hard, but the difference is that McCain was with Bush 90% of the time if not %100, thats why we dont need more Bushiness...and thats why we need a change, other guy, other mind, other and new ideas, America is sick of the same old history. We need to face the future, is not going to be easy but WE can make those changes!!!

NO MORE BUSHINESS OR MCCAINESS OR PALINESS ...they are the same (and everybody is going to raise taxes, rep or dem...because we rea in a huge financial hole, got it)

Can't tell if DesNews headline writers are spinning the news or just don't understand it. But, this headline is totally "offbase". Bush told the facts; and that should have been the headline spin. The AP story is purposely spun, of course, but at least it finally presented some of the facts. maybe I'm just getting tired of my paper following the Lib party line too closely. Maybe Fox and other internet sources are all that I have left.-Discouraged

I've always said that all the brouhaha to sell the bailout was affecting the markets. The problem is bad, to be sure.

The Feds action to keep the commercial paper market working is probably the best thing that could be done.

The bailout is a ruse, however.

I think Steinbeck’s work on the cause of the depression let us know what was coming a long time ago. Outsourcing jobs and looking for cost cuts eroded the consumer’s ability to buy. They managed to make the rich wealthier than ever before in history by increasing the number below the poverty line. The government increasing the power and wealth to the few at the top will not reverse this mess. Hopefully there is no need for a revolution like the French or Russians needed to break this cycle. The way to resolve this issue is to give 700 billion to the poor not the rich; strengthen the foundation of the economy - the people not the institutions. Banks can not survive without people; believe it or not people can survive without banks. Those that fail to lean from history are doomed to repeat it. Pick up ‘Grapes of wrath’, ‘A tale of two cities’, “The Jungle”, different authors but similar theme don’t you think. Not just to each other to but to what is happing to us. We’ve seen this all before, history is just repeating itself because we failed to learn.

In the information age, we get too much information, as well as entertainment disguised as news. This 24/7 availability of news has a horrific downside, and we've certainly seen that in the last 10 days, as the media has kept us in a state of panic about our economic situation by talking about it and analyzing it to death.

I believe we are in a crisis, but now that steps have been taken, we need to regain confidence in our monetary system and in our leaders.

I will read/look at the news once a day and that's enough.

I'm kind of relieved to see things are still tanking. We need this to get bad enough that people are ready to make a real change. If Americans get to suffer the consquences of their stupidity maybe some lessons will be learned. I was hoping the bailout scheme would not prop up the economy and cause an even worse catastropy down the road.

I bailed out some time ago of investments in the US when I anticipated the Cheney /Bush war on the US economy was heading for the 2008 debacle.
I am invested in an economy where there are no investment banks(the sub prime position was visible over 5 years back), where there is liquidity from 4 major banks, high growth predictions from the seldom optimistic IMF where individual companies are delivering 20% returns in 12 months exceptional return one off dividends for shareholders and I could go on. The stock market index has dipped slightly as a result of the US, European trends but that is an opportunity to sell and reinvest.
I have been enriched for two years now. You may not like it folks but investment in RUSSIA has been the place to be!

So your whole beef is that Obama will raise taxes? What's so bad about that? I mean, honestly, how else do you propose to pay for this mess we are in? You really feel comfortable asking your kids to foot the bill for YOUR generation's mistakes? How responsible of you.

At least the Democrats are called "tax and spend liberals." The Republicans are just spend, spend, spend. In short, the Republicans have single-handedly indentured the American people to China. If they ever call in the debt, boy are we in trouble. You ready to pay off that debt in a rice paddy in Xian? I doubt you are. But then again, you'll just send your kids in your place.

I'd rather pay for my own mistakes than make someone else pay for them. Hence, voting for Obama for the Republican mess we have. And I'm a registered Republican. But if the party has truly left the conservative fiscal policy, I'd rather go with the party that pays for its own initiatives.

Merrill Lynch has been bought out, as well as Washington Mutual. Fannie Mae and Freddie Mac, Bear Stearns and AIG are gone, and Lehman Brothers is bankrupt and has collapsed. But the major issue before us is that this Democrat-controlled government has taken over everything we used to call Wall Street. With the aid, assistance and encouragement of President Bush, Uncle Sam is trying to buy $700 billion worth of rotten assets so they can control Wall Street. What rotten assets would they buy? It seems that one of the issues behind the collapse of the mortgage industry has been the Democrats forcing mortgage lenders and brokers over the years to issue mortgages that can never be repaid as part of their social policies to create affordable mortgages to create an ownership society. So Congress rushed in to create unenforceable mortgages which are unlikely to be paid mortgages where you could start with a low teaser rate and kick the ball three or four years down the road to where the stated interest rate would rise so they couldn’t be paid. Also, no documented income required, no down payment!

Rome was NOT BUILT IN A DAY FOLKS.

I have warned you repeatedly against falling for this scam. I told you to only accept a fully-funded, fixed-rate mortgage. If you took my advice, you are watching with bemused silence the soap opera in Washington. Today Wall Street and the securities industry have been socialized by Congress and the Democrats are firmly in control. $700 billion will buy up the bad mortgages that people can’t pay and alter the terms to stop foreclosures so everyone, no matter how unworthy, can own a house they can’t lose, whether they can make the payments or not. So how do I feel about this? I can’t tell big-government politicians what to do and what will work. I’m not that smart, and they wouldn’t listen anyway. My job is to figure out what will really happen and then help you middle-class Americans deal with the world as it is and profit from it. The irony is that they may have created a problem beyond the ingenuity of human leadership; so big and perverse that there is no real solution short of spending billions to buy up bad assets. So who is to blame for this mortgage disaster? "YOUESELF"!.

All the talk is about the mortgage crisis and wall street crooks, but why have we stopped talking about several other factors that greatly helped accelerate this mess. Oil prices and their CEO greed, The travestry and cost of the Iraq war, the immigration problem, the health costs and related prescription medication rip off. Folks all of these things contributed immensely to todays big problem. Why have we quit talking about the above issues, they are big contributors to this total wipeout. We better get all of these issues addressed quick or we are in the you know where for a long time.

Those of you who continue to blame Bush are misinformed.

Barney Frank (demo) and other demo leaders refused to hear the warnings from the Bush administration.

Frank - "there's no problem."

This was a result of a liberal policy - "housing for all, no matter if they can afford it or not."

And now you knuckleheads want to put in a radical, lefty, Nobama.

Heaven help us.

>Bailout plan triggers chaos

Boy, didn't see That coming.... :(

I surely wish conservatives would stop lying to me and assuming they are smarter than the average American.

1) Republicans both caused the crisis and supported the bailout.
2) To say that the government is controlled by Democrats is a lie and we all know it: George Bush has been president since 2000, and the Republicans controlled both houses of Congress until January 2007. Even now, the Senate is 50-50 so nothing gets done since Republicans block everything.
3) AIG is not "gone." Stop trying to scare the 116,000 AIG employees, including many in Utah. AIG received a much-needed bridge loan from the Fed, but we are very much in business and plan to remian in business.

by President Bush YEARS ago. Fannie and Freddie were exposed for the social welfare system they had become under Democratic appointees, and GW was shouted down. During a State of the Union message, he sounded the alarm about Social Security and was shouted down. On a more recent State of the Union message he sounded the alarm that America was addicted to foreign oil, and was shouted down; all by the Democratic majority of Congress. There is plenty of blame to be shared by all, it didn't just happen overnight. The days of using the Government as a back stop for lenders being a social welfare system are gone. There isn't any more in the well, and now the bill has come due. I hope you enjoy the fruits of this labor, they are going to be bitter indeed.

Re: What a Surprise

Instead of raising taxes Bush raises inflation. He simply prints the money he needs to pay for his stupid ideas and instead of a higher income tax, we get to pay more for gas, food, etc..

It works politically (because people are insane) and it's the least progressive form of taxation imaginable.

"If we don't act quickly, a catastrophic future lies ahead"
"This is the only solution"
And after the bailout was voted in and signed before the American public knew what hit them, and then the market tanked:
"Give it time, it will work"
All these Bush-quotes seem rather reminiscent of a WAR we got into. And then once we were there, we saw we were the fools.
Why do we trust Bush? I just can't take it anymore. I live paycheck to paycheck...luckily BARELY keeping my nose above water paying my mortgage and buying groceries (if you consider eating breakfast cereal for dinner a good meal).
Oil prices have dropped 40% over the past 4 weeks...where is the reflection AT THE PUMP for joe-6-pack? It's gone down a dime, not 40% for sure!
I just can't do this much longer. It is awful. And I don't trust Obama or McCain. I'm so disenchanted by it all.

Brother Chuck Schroeder | 5:41 a.m. Oct. 7, 2008

>>Rome was NOT built in a day.<<

Part of the reason Rome fell was that it was brought down from the inside by a corrupt government.

bring on the financial collapse! We DESERVE it folks! We all wanted the "American Dream" with CREDIT. We want it NOW! ONe thing for sure, it's getting more exciting everyday. I love watching everyone scramble and trying to secure their monies like greedy little hoarders. It is very apparent, the more money you have the more you have to lose.

simply put, GREED GREED GREED....ruined this great country.

Stocks are down right? Now is the time for the Bush plan to invest our social security retirement in the market? Speak up righties what do you think? Thank God the Wacker didn't get his way with another pet plan. This man is just like Palin in that neither one comprends beyond a high school mentality. Give either one an IQ test and the results would amaze all of us. Just how either one balance their own check book, let alone be considered for a high responsible position outside of their own house? Ridiculous.

Good advice. You should take it.

The current mortgage crisis had its roots in a 1997 decision by the Clinton Administration to loosen federal rules for lenders.

The Bush administration noted the potential problems this created and tried to remedy it in 2003 but were blocked by Congressional Democrats such as Barney Frank and a few Republicans.

Even now, most of the Republicans in Congress voted against the massive federal giveaway known as the bailout. The majority of Congressional Democrats enthusiastically supported it.

(Incidentally, the Democrats did briefly control the Senate in 2001-2002, thanks to "Jumpin' Jim" Jeffords leaving the Republican Party. The Republicans have never held a filibuster-proof majority in the Senate since taking over in 1995, meaning the Democrats could and did often block the Republican agenda).

I have a feeling if the Democrats controlled the senate, the house, and Obama was president, people would still spit "Its all the republicans fault! Wake up"

Democrats! You have the shortest memories! Only a week ago you were frothing at the mouth with venomous hatred toward the Republicans in Congress who voted down the bailout. Now you are lambasting the Republicans for passing it. Republican congressmen tried to explain their doubts about the bailout, but you howling Democrats applied so much pressure that they caved in and joined the Democrats to pass it, leading to the worsening mess we face now.

You have so little faith in the free market, which would have been the slow but permanent solution to this mess. From the top to the bottom of our society, all are being denied the lessons we needed to learn from the consequences of bad decisions. Freedom and reason make us men; take these away, what are we then? Liberal Democrats and Liberal Republicans!

>But what the heck like that last major Depression, the Republicans can invent another war to generate income.

Yeah, FDR was a Republican...Oh, wait. He was a DEMOCRAT! And he used the excuse of a depression that was going to be fixed by the market as an excuse to foist socialism on the nation and make the biggest power grab in American history (the Raw Deal).

Now, granted, both major parties are horrific and are filled with corrupt politicians (sorry for the redundancy there), but anybody who lays this at the feet of President Bush is 100% ignorant of history and the workings of economics.

The source goes back to the government interventionism established by FDR, then policy changes to force banks to loan to bad risks just because they were "minorities" during the Clinton debacle, then to B. Frank and other Democrats that have ignored warnings and blocked real fixes over the course of the past few years.

Vote for me. I'll leave you alone.

"Bailout Triggers chaos"? Seriously, Deseret News?

Yesterday's sell off was due to European, even global, weakness. The bailout has not even been implemented yet. I guess I shouldn't expect economic good sense from the state that produced Reed Smoot.

Guess Im missing something. This whole mess started in the mid 90's, a few who saw this comming tried to warn everyone, as we have been hearing for years of the housing bubble. To point to any one party is insane and naive. Both are to blame, many in congress chose to ignore it and even protected FMay and FMac including our own BOB BENNET who was the third largest recipient of mony from the 2! What about that? Please, I have only heard what social programs Obama tries to pass, nothing on how he is going to fix whats happening!

come on peeps. where is the love?

Inasmuch as ye shall keep my commandments ye shall prosper in the land....not too many people honoring the commandments these days. Why are we shocked? But of course, this statement is "too spiritual" right?

to all you idiots who have borrowed way too much money when you know you cant afford it, thanks for screwing the economy up. thanks for alway having to have a new car, house, boat, ect... this keep of with the joneses mentality has ruined america along with do i dare echo what has been said earlier, corruption and greed by wall street, big business, the govt, and even small business. quit watching tv and being dazzled by the materialistic things that this country is so caught up in. get rid of all but one if not all of your credit cards and be happy with what you can afford. dont blame the banks and govt cause you were too stupid and got yourself into a loan or mortgage and couldnt pay it off. someone had to pay far it and its the american people. so to all you idiots thanks again for making honest hard working citizens pay off your debt.

The agenda of the elites hasn't changed. The quote that follows was taken from a memo sent by J.P. Morgan to all of the leading U.S. bankers in 1934. It's as true today as it was back then.

"Capital must protect itself in every way. . . . Debts must be collected and loans and mortgages foreclosed as soon as possible. When through a process of law the common people have lost their homes, they will be more tractable and more easily governed by the strong arm of the law applied by the central power of leading financiers. People without homes will not quarrel with their leaders. This is well known among our principle men now engaged in forming an imperialism of capitalism to govern the world. By dividing the people we can get them to expend their energies in fighting over questions of no importance to us except as teachers of the common herd."

re: This again | 8:13 a.m. Oct. 7, 2008

You forgot to mention Brave New World by Aldous Huxley

This is what happens when governments put their faith in banks and big business instead of its own people. Why can't governments ever figure this out? When laws are passed that favor banks and businesses at the expense of the people, economies collapse. It's a simple equation. The dumbest thing our government has done in the last twenty years was to deregulate wall street. Here are some of the most greedy people in the world and our government actually believed they could police themselves and do what is best for our country. This started way before Bush. It really got its momentum under Clinton when the House and the Senate were controlled by Republicans; this is a bipartisan mistake that was propelled by greed.

re : The sky is falling.... | 9:18 a.m. Oct. 7, 2008

>>simply put, GREED GREED GREED....ruined this great country<<

Greed along w/ arrogance, stupidity, & a trumped up sense of false entitlement.

Vote the bums out

. . .are simply looking more and more like the weeds they are.

This is very simple. Have you ever read your credit card statement that says the bank has the right to raise your interest at any time for whatever reason and they don't have to tell you about it? This is a perfect example of why the economy is collapsing. Laws are passed that protect the wealthy at the expense of the poor and middle class. Eventually banks and the wealthy exploit the less fortunate so much that money runs out and credit cannot be repaid. Greed plus exploitation equals quick riches followed by quick catastrophic losses. If you don't believe me look up the cause of every failed government in history. So, how to fix it: laws need to be passed that favor the poor and middle class instead of the wealthy.

The economy and putting it back on the verbiage that Senator McCain chose to use them. So we have to second-guess what their efforts would be if they believe that they, too, want to rid not only their country, also. They understand the dangers of terrorists having a stronghold in regions of their country, also. And I believe that what President Bush has attempted to do things better. But it is in their country, also..